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he does not want spending caughts and i dare say he would be happy to see in reverses in government spending. so that does not jive with what the house is doing. >> that is a fair point. some critics say inside of the house conference there is a real fight. they want to take these bold stances on the ten year balanced budget so they can get some leverage to fund the government when it comes up for a vote in a couple of week. >> no, i think they are doing the lord's work. thank you very much. we have a couple of special guests to tell us more. democrat from vermont, shawn duffy, republican from wisconsin. to both of you gentlemen friends of this show i wish you a happy new year. mr. boehner attached a bublg et to this. >> there are no specific cuts. where in medicare or the pentagon are they going to cut? they have to specify that before you can have a serious conversation. i don't think members of congress should be playing with fiscal fire which is what we are doing when we use a tactic as a threat to plunge america into defought. i believe that republicans and democrats should den
spending cut is coming in nine days. don't listen to the big government spenders. we need budget cuts to grow the economy, shrink government and create confidence that we are not greece. and, oh, heck, my friend steve kroft lobbed a bunch of softballs at president obama and hillary clinton in his "60 minutes" interview last night. and you know what, folks, we still do not know what happened on that tragic, awful night in benghazi when four people were killed. the administration spun two separate stories, we still don't know the narrative. all that, the "kudlow report" starts right now. >>> first up tonight, it could prove to be the most significant immigration reform in years. bipartisan group of four democratic and four republican senators unveiling their blueprint this afternoon for border security, guest worker cards, more foreign brainiacs and employer verification, maybe even a path to citizenship. cnbc's own eamon javers joins us now with the details. good evening, eamon. >> well, we've almost gotten out of practice at watching bipartisan groups of senators hold press conference
at all. i think this was an exercise in showing that the government and the bank of japan, the central bank are on the same page. they certainly delivered that. i think the fact that it's an open-ended asset purchase program, it was more than what the markets had been factoring in. i think the dollar/yen moves are sort of moving independently right now. and i think a lot of that has to do with the comments that we had from government saying, oh, we're not trying to manipulate the currency, which throws into question this competitive devaluation story they were banking on. instead of being explicit about that over the last couple of weeks, now they're going to have to be a little bit more implicit about that. but the man of the hour, mr. shiraka shirakawa, the bank of japan, here is what he had to say. >> translator: japan believes growth is important. we teamed up with the dwoft to strengthen our policies and work on this goal together as one. >> let's take a look at the technicals about this 2% inflation target. because at the same time today, the bank of japan is saying the price of
in the third quarter. >> he also weighed in on the irish government's efforts to boost its economy, saying progress was being made, but insisted more could be done. >> the government has not necessarily addressed all the issues. they've done well and they've certainly addressed certain aspects of the cost space within ireland. but for those companies, particularly retailers, we're operating within the irish domestic market exclusively, it's a very, very different environment with awkward rent reviews, public sector costs are highly uncompetitive right across costs such as wages. other local authority charges on retailers in particular and those with large industrial premises within the country and we also have a domestic mortgage crisis with the banks. >> now, ryanair shares are under pressure today. you can see they're trading down by better than 2%, in fact, taking the sector down, too. ez-jet is one of the worst performers on the stoxx 600 today. ryanair is roughly flat over the past seven days, so marginally higher from where we were a week ago on the back of those comments. >>> we are
, the fourth-largest investment bank in the world. >> isn't the government supposed to protect the investors? >> yes. >> aren't they charged with informing investors? >> yes. >> why didn't they do it? >> welcome to 60 minutes on cnbc. i'm bob simon. even though fraud played a significant role in the 2008 meltdown of the american economy, as of late 2012, there have been several civil suits filed against major wall street financial firms, but not a single criminal prosecution. in this edition, we look back at the 2008 financial crisis and the failure of government regulators to prosecute those who might be criminally responsible. later, lehman brothers bankruptcy investigator anton valukas shares his findings on the collapse of the giant investment bank where no senior official has ever faced charges in the biggest bankruptcy in u.s. history. but first we begin with a nine-month 60 minutes investigation looking for wall street cases that might have prosecutorial merit. in december 2011, steve kroft reported on two such cases. we begin with a woman named eileen foster, a former senior executiv
are moving forward. they're diversified. it would be nice to see stated and local governments address the pension plans the way they did. >> absolutely. we'll check in with you later. >>> it's a big week for the defense industry as well, lockheed martin and northrup grumman report this week. jane is here for a preview. >> reporter: across the board for pretty much defense company, analysts are expecting a drop in earnings year over year, but jason gersky says don't expected to see a fiscal cliff impact. >> on the contrary, there's an opportunity for rates to out-perform expectations. that's because the d.o.d. was trying to get as many contracts done in the fourth quarter in anticipation of sequester potentially being implemented in early january. >> he and others expect flat demand from the defense department, but international growth looks good, international sales have higher margins. gursky likes lockheed martin and ratheon for their patriot systems which could be big in any iran/israel conflict. and he expects these companies to have 8% to 12% returns. will that continue? one othe
of the european ones are under pressure by the government. but the problem is, if you look at issues in the u.s., they're just so low. there's no ability to cut in the long-term. how do you push through entitlement reform and address those issues, especially if there's no market pressure right now? >> my sense is that you don't. i don't understand how that can be achieved and, therefore, i suppose what i struggle with is what solution can the government find? the bank of japan, if you monetize the debt in a low inflationary environment, is this a free lunch? >> right. >> in the uk, it has turned out to be a free lunch. would it in japan? possibly, yes, and, therefore, i wonder if these issues ever will be addressed. >> and what's so interesting, you're seeing these bizarre rates happening in a monetary policy. we feel like we're in a whole new regime where people feel like it doesn't matter at all. wondering if it matters at all how much you spend and borrow in these situations. how does it change, if at all your strategy from here? >> it makes having a long-term strategy really, really tough
last night. plus, the world economic forum, the most powerful names in business and government gathering in davos, switzerland. wednesday, january 23, 2013. and "squawk box" begins right now. ♪ >>> welcome to "squawk box" on cnbc, i'm becky quick with ross westgate. andrew is reporting from switzerland. that's why we've got the mountain music. we'll get to andrew in a moment. first, the top stories. the common theme here quarterly results, shares of google getting a boost. earnings and revenue topping consensus and perhaps more important metrics, revenue from google's core internet business. it outpaced many analysts' expectations. advertising rates fell less than in proves periods. as you see, the stock was up -- this morning up almost 5% in the premarket. ibm shares jumping after the bell. earnings and revenue beating the street, as well. the world's largest technology services company offering a better than expected outlook for 2013. that stock, as you see, up by 4% in the premarket. also, we had advanced microdevices. it came in with a smaller than expected loss in the fo
, it all boils down to there's a very different vision when you're talking about a government that takes about 23%, 24% of gdp and one at 20%, 21% like budget chairman ryan proposed. as we began this debate, they can't even agree on where we start because democrats believe we've already cut $1.7 trillion to $3 trillion all from domestic and defense, nondefense discretionary spending which, of course, that's not true. >> wait a minute. >> $3 trillion in discretionary -- >> no, $1.5 trillion is how the cbo. >> republicans will give you $900 billion and cbo -- you canted even agree where you're starting. >> that is a problem. >> true. but if -- what does it tell you that the ryan budget had essentially no medicare savings in the first ten years? in other words, you have a contest to cut entitlements, and the republicans say to the president, put some cuts on the table. democrats say the reverse, but we haven't seen them from anybody. >> she needs no introduction. that, of course, the first lady of the united states, michelle obama. she has changed her hairstyle. there will be a twitter poll
2008 has lent or raised $7 trillion-plus for people. all around the world, including governments, schools, cities, hospitals, small businesses, large -- that's our job. we try to do it very well. the whale mistake up there -- no customers, wasn't venal. terrible mistake, if you're a shareholder, i apologize deeply. we did have record results, life goes on. >> when i came to the industry, i was under no illusion that the industry didn't have its issues. they need to be fixed. and what we tried to do at ubs is two things. first, i think banks need a new strategy. and we embarked on a bold new strategy for ubs. the right strategy. at the same time we need to deal with the legacy. to get on top of the issues, you need to get to the bottom of things. for us, a settlement of libor was an important step in going in that direction. these things need to be on the table. taxpayers want to know about it. and transparency simply has to be there. when we found this issue going on in the bank, we completely made contact and complied with the regulators. we had a very good interaction with regu
. there's pressure, of course, and governments are bringing in pressure to bring drug price down. where is the balance between the two? because, you know, we want cheaper drugs that provide for patients, but what does that do for you? >> you want, of course, affo affordable drugs, but on the other hand, we need new, good drugs because there is so much on the medical need. there are still so many diseases that are not supposedly treated. plus, science its made so much progress even in the last decade that there is an opportunity to come out with better drugs. and the simple message is the pharmaceutical industry understands that there has to be a certain control on the costs that cannot bring out of control. but on the other side, if you want to continue to have new drugs, we need to get, you know, rewarded for innovation. and this is a dilemma and not really all that is well understood by government. >> drought, very low yield from around the world. >> if value is good news, it's driving people to look for things that are going to help the world. what's the outlook for that? >> well, yo
to the govern of the bank of italy about this, as well, this morning. he was saying, look, we didn't drop the ball over derivative trade. this is -- he said we shouldn't have any concerns about the stability of this particular bank. >> the situation was known and under careful consideration for a long time. as a matter of fact, we have been pulling the liquidity conditions of the bank and in the eba analysis and the need for further capitalization, we clearly doubt that there was a need of further capitalization and the bank was not able to provide -- and then the issue of the loan. so this is the process that we are considering. >> all right. that's governor of the bank of italy. also, coming up on today's program, mario draghi is speaking here in davos in around about 20 minutes. don't go anywhere. >>> coming up from davos, in the meantime, though, i want to give you a check on market action on this friday as we basically wrap up, get close to wrapping up the month of january. the stoxx europe 600 is looking up about 0.2%. it's mostly advancers. about a three to two ratio against declin
. of course, the quester and the -- the continuing resolution to fund the government, but you're hearing some of both parties saying they might even accept the sequester. some of the stakes appear to be fading from these disagreements that paralyzed washington at the end of last year. >> when i heard this original deal profrksd i thought it was on the condition that the senate eventually congress had to actually pass a budget finally. >> that's still on the table. >> that is still on the table. a little bit less clear is the fate of the idea that somehow pay would be suspended for members of congress if they don't pass a budget. >> right. >> there are questions about the constitutionality of that provision, but the entire provision is to try to force the senate to force a pass a budget, and the senate intends to do that. >> that's significant because it's written within the law that when you pass the budget the debt ceiling automatically gets raised and then you don't even have to have this discussion at all. even before the debt fight was pushed off in the spring the equity markets were off
and you had a government that was paralyzed. is it possible that just now the rebuild is beginning from fukushima? >> well, the initial rebuild from fukushima was temporary housing, modular, very little wood frame housing. but the immediate need was for emergency shelter. and the problem with the tsunami was that it hit some rural areas. they had major infrastructure to rebuild. some of those places they probably won't be able to rebuild. but we are starting to see some resurgence in japan. you know, our exports are up not just because of the impact of the earthquake and tsunami but we're starting to see some government stimulus in japan now in order to help pull them out of a recession, and then there's also a new tax change that's being put in place in roughly 2014. so there's some additional spending taking place there. but i think that the rebuilding that's taking place today as you comment is very different from what took place after the kobe earthquake. >> i've got to tell you, dan, this is the best i've seen your company. you've got the real estate trust structure. thank you so m
government budget balancing is hurting employment and will probably lead to more job losses in the near future. >> all right. let's take a look at the markets this morning. markets have been sitting at these record levels. you can see right now those dow futures pulling down by about 12 points. s&p futures are indicated slightly lower, as well. but the nasdaq is indicated higher. the dow jones transport sitting at an all-time high. other markets sitting at five-year highs. the big question is whether the dow jones industrial average follows suit. you're a huge transport. >> yeah, i am. that's all all-time highs. >> all-time high. oil prices, you can take a look. you'll see right now is down by about 2 cents to 95.54. the ten-year note that had been coming down the yields last week a little bit, you can see the yield right now is at 1.877%. the dollar this morning after the euro picked up strength last week, the dollar is stronger against the euro and the yen and the pound. right now, dollar/yen is at 88.79. gold prices this morning up about $5.80. $1,6933. >>> german chancellor angela m
impediments invented by capitol hill and congress and government to investors. you keep changing the rules. we don't know when it's safe to invest. >> the administration and the senate and the house would keep things stable for a while and take a boot -- take that boot off the neck of the entrepreneur, there's bubbling underneath this. a phenomenal explosion of american growth of ingenuity and entrepreneurship. just take the boot off the neck and give us stable policies. >> it's exactly what i talk about in my book "restoring the american dream." >> i can't believe i let him get that at the end of it but there you go. is he a good salesman or what? >> abigail, thank you very much. david goldman, as always. it's about time for president obama to make a decision on the s keystone pipeline but the environmental lobby will not accept anything but total victory. they're even talking civil disobedience. and later on it was hillary clinton's big day on capitol hill answering sometimes very blistering questions about the september 11th benghazi attacks. we'll look closely at what we learned and what i
. we can have a positive development if national governments will persevere in their actions. both in fiscal consolidation, but especially now on the front of structural reforms. >> steve liesman is here with a little bit more on this, but you're not wearing long underwear. >> no. but i have any gloves on. >> you're a little cold. >> we've been standing out here for a while. what did you think of draghi? a lot of people here talking about it and i wonder whether it's going to ultimately move the market. >> there's a couple of things. he said the victory lap. he said we relaunched the euro in 2012. a lot of talk with chris at this teen legarde in europe today. 2015, talking about this growth in the back half. i think draghi's intentions today were not to mess things up. the general feeling here is that what the ecb has done with the current situation, perhaps created the underlying conditions for growth. >> i hosted a dinner with christine legarde last night. one of the things that came up mario draghi said this morning that maybe we have good fall back into a problem again. >> well
university. she advises the federal government and is the codirector of this multimillion dollar laboratory which works with stem cells harvested from umbilical cord blood. dr. kurtzberg told us there's no evidence yet that stem cells can treat cerebral palsy. >> some of the diseases that we see stem cell cures offered for on the internet include multiple sclerosis. >> there are no stem cell cures yet for multiple sclerosis. >> lou gehrig's disease? >> i wish there were, but there are not. >> you know, i wonder how often it happens that you have to tell a patient, "i'm sorry. there's nothing we can do." and then they come back to you two days later and say, "well, i see all these cures on the internet." >> mm-hmm, i get many of those calls and emails and see many of those patients. but it's very dishonest to mislead people when there's nothing you can do. [ticking] >> coming up, confronting dr. ecklund. >> frankly, dr. ecklund, you have nothing to base your results on. there's no clinical trial, there's no-- there's no blind study. there are no medical papers published. >> that doesn't make
and government forces have fought over local power, ethnic hatred, and control of the minerals. we heard it firsthand from former rebel soldiers. this a school that teaches guerilla fighters who've laid down their guns how to be civilians again. >> [speaking in foreign language] >> this former major told us that when his troops controlled a territory, he demanded gold from every miner every day. >> male translator: we collected gold, and then we went to buy medicines. we went to buy ammunition. we went to buy guns. >> who sold you the ammunition and the guns? >> we would buy those things from congolese army soldiers. >> he's saying that government troops sold weapons to him, the enemy. congo is so destitute that even its army goes without pay and becomes just another predator among the villages. john prendergast worked on africa policy in president clinton's white house. now he runs a group called the enough project, that exposes war crimes. what keeps this war going? >> well, you know, follow the money. it's good old-fashioned greed. we got kings and corporations and countries that have
are incapable of embracing austerity. the government is borrowing the fed's money into existence, and it's driving another bubble in stock prices, what a surprise. >> all of which were the reasons why you were staying away from the market so now you're throwing in the towel on the political agenda. >> it wasn't so much driven into investors' heads that congress was incapable of embracing austerity. now we know. look, the sequestration was supposed to happen january 1st. punt on that one. debt ceiling, supposed to hit that. now it will be steve 19. there's no austerity. >> what michael is saying in a very long-winded way is don't fight the fed. not fighting the fed. the fed, europe, japan's now with b to go hog wild. >> sure, sure. >> the whole world is printing new money. >> abe, the new prime minister of japan, japan is at least discussing a new quantitative easing scheme for them. they are going to be printing a lot of yen. >> the point is all that tends to be good for assets like stocks? >> very stimulative. europe will have to start printing money as well to deal with their issues so
say if macro economics and markets are tough to forecast what government is going to do, puts itself in a whole new category. i would say they have a proclivity for doing nothing. and if you look at it that way, and say, okay, that's kind of what their leaning is going to be, i would say there's a good chance we could have the sequester actually ku lly occur. i'm not one of the guys who becomes paralyzed by the idea that the sequester will happen. it's about $100 billion a year on about a $3.5 trillion spend. so at 3% reduction overall, even though, yeah, you could say it's not done thoughtfully and proactively, it's not, it's using a hatchet rather than a scalpel, but right now they show no propensity for being able to do something like this thoughtfully and proactively. so i'm not that hung up about it. and i'd say if it happens, it happens. whether it's trillion dollar in debt reduction which happens, which is a good thing, i just don't think a 3% spend reduction is a killer when it comes to what happens to the economy. in fact, i think it could be offset by a feeling that we're a
a government authority to come in. ackman doesn't own the government. the government is not sitting there thinking, we ought to go in and investigate this. >> how do you know? how do you know what the senators are doing right now? how do you know what attorney generals are doing right now? >> okay. here is what i know. you need a tro. >> very quickly. we are going to take a break and come back. >> speaking of all that, i think one interesting story line that gets the government involved, is sure have you massive institutional investors, ackman, icahn, loeb and briefly einhorn getting involved. whether they are in or out now, we don't know. but they are trying to turn this into a retail trade. ackman made what he considered to be a public service announcement about the perils of being a distributor of this company. perhaps a buyer/user of the product as well as investor. and i think they are using us to get the public message out. >> we haven't even touched on mr. loeb's involvement in this whole thing. i would love to hear what he thought about the exchange on tv a few minutes go. >
the firm. he says he's considering returning to government service, potentially running for public office in california as a republican. cash kashkari has been a frequent guest. he oversaw the t.a.r.p. program during the financial crisis before going to pimco in 2009. in a statement, kashkari says he has the obligation and the desire to serve his community through public service. >> i knew he would need to do this. he is out there, he's a republican, and he is right in the middle, the vortex of these caviar communists. growth. one even became a guru. >> macaulay. >> with the beard and he's up there goes ohm, ohm. he's in the lotus position. there aren't any mountains in southern california. i don't know where he went dodd that. el-erian. el-erian writes for the huffington post. el-erian is a huge caviar communist. >> neel is a moderate republican. >> yeah. but moderate republican in the land of pimco, he has a rash all over his body. it was only a matter of time. >> this is that time. the funds he set up said it was designed for really big downturns. you can imagine a lot of people were c
proposals. but ryan says no one is tuking about allowing an actual government shutdown. >> we are more than happy to keep spending at those levels going on into the future while we debate how to balance the budget, how to grow the economy. that's the kind of debate the country desevens. by the way, if we keep going down this path, we will have a debt crisis. it's not an if question, it's a when question. >> i remember him, alternativest young congressman from wisconsin that used to come on "squawk box." >> still fighting budget balthsds. >> if he's going to go on somewhere, at least he went on with david. congress must pass a stopgap spending bill by march 27th to keep the u.s. government running. and don't do that with your sneezes. >> what was that? i held it in. >> that's like -- >> i've been trying to hold it in because you were talking. >> no, no, it's going to come out. that's bad for you. something inside is going to pop or something. like an anneurism. it's bad to be repressed like that. let it out. >> that's his whole life. >> oh. >> let it out. >> michelle caruso ka brar ray. you'
and better reporting. what it doesn't buy into is this notion by the left that government is omni present, the police will always be able to defend you. there's a healthy skepticism among americans we need have the ability to defend ourselves because yes there are criminals who will always have weapons and yes we do need to be able to defend fourselves for a variety of reasons and it's our right. >> how about a agree snad >> i can't buy a grenade. we're not talking about that. we're talking about a hand gun where it could fire more than one round. that's a semiautomatic weapon. that should be legal. that's what you all are talking about, an assault weapon? >> that's the problem with your argument. >> thank you all. we're come back. don't go anywhere. now we'll talk about some taxes. all right. get this. senate democrats are showing no shame as they plan to load up their very long awaited budget with plenty of new taxes, virtually no spending cuts. we'll have the latest on that. senator murray's memorandum breaks the case. we don't need more taxes, that's for sure. ♪ [ male announcer ] w
that shows that inflation is real even though statistically the government doesn't tell you there it is coming back and you're seeing that reflected in earnings. i think i would look at u.p.s. to see what they come up with. my concern is how they handle the fuel costish yew. >> they've been tempering expectations recently for sure. trading places in just four months. research in motion zooming to a 52-week high from an all-time low just in september. meanwhile, as we all know, apple dropping to that 52-week low from a recent record high. >> next week it is all about the blackberry 10. what will that do to the stock? will blackberry be cooler than i-phones? that is all coming up. stay with us. with fidelity's new options platform, we've completely integrated every step of the process, making it easier to try filters and strategies... to get a list of equity options... evaluate them with our p&l calculator... and execute faster with our more intuitive trade ticket. i'm greg stevens and i helped create fidelity's options platform. it's one more innovative reason serious investo
. ♪ >>> remember when president obama said in his inaugural address that he wants government to be the great income and wealth leveller in order to redistribute from the haves to the have notes? >> the commitment we make to each other, these things do not sap our initiative. they strengthen us. they do not make as you nation of takers, they free us to take the risks that make this country great. >> all right. but in today's wall street journal, nicholas eberstadt reply, yes, we are a nation of takers. america's welfare programs dispense entitlement benefits of more than $2.3 trillion a year! here now former chief economist to vice president biden and jim from the american nt prize institute. jared, $2.3 trillion a year is a big number and it bothers me that we're corroding the american work effort and we're doing some damage to society with all this dependency. >> i can make you feel much better. first of all, before i got here, i added up social security, medicare and medicaid. i got $1.6 trillion so mr. eberstadt needs to check his numbers. here's the fact -- over 90% of the dollars we spend on e
government shutdown. throwing a huge turn in china that converts believers every day along with stabilization of europe and multinational companies have at last powered higher. all that good news in the jobs it creates are causing a radical revision in what we're willing to pay for future earnings. that's right, the price to earnings multiple, the ratio of how much we'll pay for the profits companies are going to have down the road is headed north and therefore so are the stock prices. we're willing to pay up because of the prospect that things are, indeed better. let me show you what i mean. let's take the transports. they've been scorching, scorching despite the index being home, beating down trucking companies, worldwide freight plays, and the railroads -- which were just annihilated by an historic decline in the most important cargo, coal. what's happening now if the economy's getting better for the airlines? the seats are being filled, raising prices. for trucks, there's more commerce domestically, more to ship. the stabilization in europe and the nation is gigantic, every bit as importa
that the governments are serious about what they're doing, the pace doesn't have to be as, you know, abrupt, as hard as fast and the pace can be slower in those situations. >> what are the implications of the uk leaving the eu? david cameron said he is going to have a referendum on this. >> you know, from an economic perspective, we expect europe to be a strong region and a strong player in the global economy. from an economic perspective, you don't want uncertainty. so our dear hope is that as usual the europeans will have discussions, will have debate, will argue, will face obstacles and hurdles and come out of it stronger and that's very much my personal hope with the uk. >> so glad you're checking on the program. thank you so much. great to see you. christine lagarde. >> stick around because maria has much more coming from davos including interviews with microsoft founder bill gates and pay pal cofounder peter thiel with incredible things to say about twitter. all of it not exactly positive. that is an interview you do not want to miss coming up here on "closing bell." >> absolutely. okay. we've
to continue to see that lockheed martin has a huge contract. rathion $5.5 billion. these are all government contracts that are going to be effected. although this particular area of the market -- sorry. in defense has done very well since the november lows. up almost 13%, i think we're going to see a pullback as a result of this. >> well, so you think we're going to see a further instability going into the debt ceiling debate? >> absolutely. look what happened with the fiscal cliff. we're going to see nervousness. >> and yet mark you think the fundamentals are good for this economy and this market. >> i think so. while there has been some trepidation as to what the economy was going to look like in 2013 as we were going into the fiscal cliff negotiation at the end of last year, we've now seen in three consecutive months the third being this morning that durable goods orders rose. and in fact trailing three month advance in core capital goods orders is the biggest since the middle of 2011. so you have this mountain of cash in corporate america today. capital stock in the united states. it's
general. mary thompson with the story. >> hey there. t.a.r.p. is charging the government's taxpayer money by doling out hefty executive pay packages. the firm's still on the hook. as of last year for government assistance received during the financial crisis. the special master of executive compensation for approving pay plans president agi, gm, and ally. 54% of the firm's 69 top executives earned more than $3 million. only one earned less than $1 million. too much cash. 70% receiving salaries of half a million dollars while fewer took long-term stock grants that were dependent on the company's hitting specific benchmarks. also granted to executives ally's. that plans were improperly vetted and analyzed at the office of the special master. treasury in turn pointing out at these firms is down 50% since the office was set up. and the $350 billion owed during the initial offices per view. >>> stocks on a tear this month and this year. my next guest thinks it continues at least for now. >> liz ann saunders points to the strength of housing and manufacturing as for proof of the recovery. but h
and government helping banks. so this is not a recovery. this is not a solution to a problem we had tp we have to setback the clock five years ago had readdressed the core of the problem. what is the problem? too much debt. too much centralization. anti-fragile system that recycles error for profit. just like i say, if you have a plane crash tomorrow, every plane ride would be safer. okay? no? that's how it should be. this is a good system. that not what we had. we made mistakes and remedy is not addressing the cause of the mistake and odds are the next mistake would be bigger. now we have a huge monster on, like a monkey on our back. >> very quickly. >> when people say that like bank bonds are rallying, doing well recently -- >> that's the government. >> but that because we have -- >> exactly. you're right. you are worried about why banks can borrow so cheaply. bank borrow cheaply because you lend them every april 15. you stop them up. this is not a healthy system. we have to address the core of the problem we have now. >> all right, nassim, thank you very much. as always, good to have you he
they are getting these contracts not just government entities and they have streamlined their acts. is it a good-bye? >> it is an exceptional buy. we featured this stock in 2009. november of 2009. i think this stock has many, many, many points that it could run. i would like to see the company take action and break itself up. i think you have a winner rick. i would own harris. >> dana in california, dana. >> i was hoping to revisit an old friend that you mentioned when obama was visit elected avar. it is find of traded in a range between 25 and 35. it goes down and back up again. >> yes, and what is interesting it, it has had a spotty earnings record. it has had that up and down pattern. i liked the company but i did not help people by recommending it. down here, i don't know. you would have to have conviction that the earnings can be very good. i expect 2013 to be full of m and a action. that is something that the defense sector could be concentrating on. without a pea ovtakeover, the ss very, very cheap. >>> it is time for the lightening round. i want to start with eric. >> rh, what do you thi
of changes might we expect going forward? restructuring how the govern nans is done? >> last year, i think $1.8 trillion of capital or credit for consumers or businesses. we had a problem. we've fully acknowledged it. it's the same bank that went through '07, '08, '09, 2010, 2011. for the most part, did fine. whenever a company makes a mistake, you should analyze it and try to be better for it. so most of the mistake was the. c.i.o. >> let me ask you about the u.s. we saw that mortgage originations were huge for you in the quarter. you've been talking a lot about the last couple of years of housing showing true improvement and having bottomed. where are you in that? what are you expecting in the next couple years? >> housing is totally bottomed. you saw today that homes for sales come so far down that they're in short supply. they're all leading indicators. it's cheaper to buy than to rent. all-time affordability. prices are low and mortgage rates are 3.5%. it's not going to be an absence for our economy. i really think at this point, the economy will drive housing. >> what are you expecting
the marketplace to create progress in health care, to more and more government controls, which will bog it down and raise costs. it will not produce the progress that we need in health care. >> what impact does this reform have on your business? >> it's raising costs. it's the opposite of being affordable health care because it's making it more expensive for businesses like whole foods. as a result, that's less money that we have to pay our team members for wages or other benefits. health insurance just grows as a percentage of what the total compensation that we're paying people is. >> i know you've been very thoughtful about this subject. you've been ceo since 1980. the company has done very well. you're offering coverage to employees working more than 30 hours a week. you've seen tremendous growth. your stock up more than 1,000% since the worst of the financial crisis. tell me about the consumers' attitudes about foods. has it changed over this time? the cost, the sources of their food, what kind of sentiment changes have you seen from your customers? >> lots of different trends in this soci
for washington to start living within its means and high time for the federal government to get control of the unfund liabilities in the entitlement programs the way so many private sector industries have done. >> let me say on this ten-year idea for a moment. you've got your skeptics out there who say there's no way we'll get rid to balance, get rid of the 16 trillion debt in ten years, senator schumer in response to the debt limit talks said the gop, this is a quote, the gop is in full retreat on fiscal policy. >> you know, first of all, i don't think that's kind of remarks are very helpful. i mean, we have done about two and a half years of very consistent work focused on trying to get the fiscal outlook straight. you know, all the talk here in davos when i'm asked what's going on in washington, is washington finally going to get its act together to fix the fiscal chal snengs. >> we heard the president in the inauguration, what was his take? >> his speech was aimed at a political constituency. i assume he felt he needed to address. many of the things he mentioned aren't going anywher
in the crosshairs of government trying to make the budgets. justice department zapped them. doesn't matter. they will not let this one go. >> a good cautionary note as well. >> yes. >> when we come back, we'll find out how much longer boeing's dreamliners are likely to remain grounded. and did you hear about this? phil mickelson, why is he paying 62%, 63% tax? >> i like the nike add. >> all that, plus the opening bell in just a moment. [ construction sounds ] ♪ [ watch ticking ] [ engine revs ] come in. ♪ got the coffee. that was fast. we're outta here. ♪ [ engine revs ] ♪ [ indistinct shouting ] ♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats. [ indistinct shouting ] ♪ it's so close to the options floor... [ indistinct shouting, bell dinging ] ...you'll bust your brain box. ♪ all on thinkorswim from td ameritrade. ♪ >>> you're watching cnbc "squawk on the street" live from the financial capital of the world. the opening bell is going to ring in a little less than 90 seconds. a busy week. everything from apple to microsoft to bristol-mye
in forming the government. netanyahu had called these elections in a way as a reflection of his policies on the west bank and settlements, the quelling of the uprising in gaza and, of course, israeli relations or lack of relations, i should say, with iran. many people and political observers there believe that this will then continue his relatively more hardline right-leaning policies on all of those three issues. netanyahu, according to exit polls, will once again be prime minister in israel. >> thanks, tyler. heading towards the close. about 50 minutes left in the trading session just off the highs of the day. a reminder. any positive close for the dow and s&p, new five-year highs. >> ameritrade getting a boost in trade today despite a drop in profits. stock is up 23% over the past three months. right after the break the ceo joins us with the real story behind this quarter and his concern of a proposed trading tax in europe and whether it could make its way here to america. >> also. big earnings reports after the bell coming your way. do not miss the numbers from google and ibm. they h
, restructuring how the governance is done. >> look, i'm very proud of jpmorgan. you know, last year i think 1.8 trillion of capital or credit for consumers or businesses. we had a problem, you know, we've fully acknowledged that we've undressed ourselves in the public and the rest of the bank is pretty well controlled and pretty well managed. the same bank that went through '07 and '08 and '09 and 2010 and 011 and for the most part did fine. whenever a company makes a mistake, you should analyze it and be better for you and make sure you apply best practices across the country. there are a couple of things we learned applying across the company. >> what kind of safeguards can you share with us that you are applying? >> look, everything we do risky, a gap in our fortress wall, and then the one -- the one that's going to go across all companies, we use models extensively, just make sure they are always used properly for the right way. we should get model obsessed. start to run your business on models, you'll get in trouble, too. >> pretty extraordinary that even with the trading loss you actual
it's wanted. you've got to get approvals from various state governments, sometimes even the state department as we've seen with the endlessly delayed and controversial keystone pipeline. but the tracks already there, if you want to ship more of the stuff, add more cars, perversely, there's much more chance of an oil spill of a derailed train than a pipeline. it doesn't matter because it seems the pipelines are the bane of the president's existence. it's the best method for transporting the crude to market. these days, there are whole trains made up entirely of tank cars and they can be a mile long. think of these rail cars as another way to play the north american energy renaissance, one of my top ten themes for 2013. on tuesday morning, kansas city southern -- okay, that was last quarter. i know, off a very small base. and they said that twice off a small base. it is worth noting. they're doing a lot of frac too. mostly due to the increase in crude oil traffic coming from the bakken and canadian oil fields. last week when we heard from general electric, they told us the locomotiv
around good governance, but that doesn't mean their focus is on running the company. to me we've set the strategy and set the targets going forward, and we'll be held accountable as a management team and me as an individual with doing that. >> you've got a good relationship with michael o'neill, the chairman, and he's not telling you to do this, run the company this way? >> he's not. have a very good relationship. i know mike. we date back and did a lot of work together in city holdings so i think he knows what he's put in the chair. he's comfortable with that and has certainly empowered me to take the company forward. >> a friend of the program and comes on the show a lot, one of the investors who wants a dividend. does he call you at all? >> when i got into the job, there's a few things i wanted to be focused on. i said i wanted to get through budget and plan. which need to get through our c-card submission and the management team in place. in addition to that i went out and spent time with clients. i met probably with most or spoke with at a minimum our ten largest shareholders as
to have a default or either a default on debt or selective payment of federal government obligations, appears to be melting away and that puts us back in the more conventional political back and forth about budgets and the automatic cuts. sequester. that gets us back to where we were in the 1980s. it is more of a norm of a political process. if we can stay there, that's good news for this president because it reduces a threat to the economy and of course good news to people working in the economy in the financial market. >> john harwood, thank you very much. to mary thompson now with breaking news. >> announcing charges against three alleged international cyber criminals. the three have been charged again in infiltrating computers around the world, about a million computers around the world, including 40 thousand here in the u.s. with a virus known as the gozi virus. the plot the cyber criminals wanted to actually access information including bank account information in an effort to steal money from those accounts. also, the virus infected the computers at nasa. again, the three alle
on the stimulus package. and i hate to rely on the government to do these things for us, but the reality is that bad, and we have no choice. >> it's not the first time steel has turned to washington. a decade ago, the industry was on its knees, with competition from cheap imports and unsustainable retirement costs. for every steelmaker on the job, the company had to pay six to eight retired workers. the industry begged for a bailout. but whatever you were asking for, washington said no. and the industry collapsed, practically. >> we had 32 steel companies-- 32--in this country go into bankruptcy. you're talking in excess of 100,000 jobs disappearing. >> under bankruptcy, the companies shed their health care and retirement obligations. the industry bounced back because of consolidations, automation, and china. >> i would definitely say that the fact that the infrastructure was growing at the rate that it was growing in china and around the world, because of that, we had four or five really good years. >> but now steel is at the mercy of washington again. >> ...strong 'buy america' provisi
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